WASHINGTON–(BUSINESS WIRE)–Oct. 1, 2014–
Liquidity Services, Inc. (NASDAQ: LQDT):
Business Realignment Actions
Liquidity Services, a global solutions provider in the reverse supply
chain with the leading marketplace for business surplus, today announced
it has realigned its workforce in response to the new terms and scope of
its Department of Defense (DoD) Surplus Contract, competitively bid in
April 2014, and to adjust for the efficiencies realized in its
commercial business through ongoing integration efforts to support the
future vision and growth of the Company. The realignment includes the
reduction of approximately 130 full-time and temporary employees across
the organization over the course of fiscal year 2015.
“These actions address the new scope of our DoD surplus program and
advance our future vision of building an integrated global business and
marketplace platform with a singular and superior user experience backed
by focused leadership and innovative products and services,” said Bill
Angrick, Chairman and CEO of Liquidity Services. “Our LiquidityOne
transformation plan focuses on the priorities and areas which we believe
will deliver profitable, sustainable growth. We will continue to
aggressively invest in our business to improve the efficiency and
effectiveness of our internal operations while pioneering a superior
model for managing the reverse supply chain for our clients and buying
customers.”
Employee reductions span the organization and include positions related
to the support of the DoD surplus business, capital asset and retail
supply chain operations, and corporate functions and will result in
one-time severance related expenses of approximately $1.2 million which
will be a further adjustment to the Company’s Q4-FY14 adjusted earnings
results, which will be discussed on its earnings conference call on
November 20, 2014.
New Senior Leadership Appointments
The Company is pleased to announce the following appointments effective
as of October 1, 2014, that will continue to facilitate key elements of
our growth strategy:
Tom Burton is appointed to EVP, Federal Sector. In this newly created
role, Mr. Burton will manage the Company’s ongoing DoD relationship,
including the roll out of our new surplus contract, and will also pursue
selected new business opportunities in the Federal sector. Mr. Burton
has been a member of Liquidity Services’ senior management team since
2001 dating to the inception of the Company’s DoD relationship, and has
most recently served as President, Capital Assets Group. In that role,
he oversaw the integration of the Company’s DoD business operations with
its commercial capital assets organization and the acquisition of
GoIndustry DoveBid. Under his leadership, Liquidity Services
dramatically expanded its industry coverage, service offerings, buyer
base, and global footprint while delivering award-winning service to the
DoD client.
Gardner Dudley is appointed as the new President, Capital Assets Group.
In this role, Mr. Dudley will focus on anticipating and meeting client
needs for superior service, scale, and results while building an
integrated, global capital assets business serving the Energy,
Transportation, and Manufacturing industry segments. Mr. Dudley has been
a member of Liquidity Services’ leadership team since joining the
Company in 2010 when it acquired Network International. Mr. Dudley’s
strong track record of scaling technology-enabled service businesses,
while maintaining an engaged global workforce and strong client
relationships to deliver results, position him well to achieve Liquidity
Services’ vision and growth objectives.
Roger Gravley is appointed as the new President, GovDeals, succeeding
Bob Debardelaben. In this role, Mr. Gravley will lead and manage the
GovDeals organization to drive continued growth while providing
exceptional customer service to clients and buyers. He has been a key
leader on the GovDeals team since April 2009, serving as VP of Client
Services and Marketing. Mr. Gravley’s experience understanding customer
needs in the state and municipal government market position him well to
lead GovDeals’ continued growth. Mr. Gravley will also play an integral
role in the execution of the Company’s LiquidityOne transformation plan
because of his proven experience in designing systems and processes to
best serve clients and customers.
“As Bob Debardelaben enters retirement, our Board and entire
organization would like to thank him for his superior leadership and his
daily demonstration of integrity, work ethic, and customer focus over
the past 15 years,” said Mr. Angrick. “Under Bob’s leadership, GovDeals
has grown to become the leading online marketplace serving municipal
government agencies in the sale of surplus and confiscated assets with
over 7,000 agency clients and tripling its GMV since our acquisition in
2008. As Roger takes the helm, he will continue to capitalize on this
strong foundation and leverage his own deep understanding of the
GovDeals operations, the marketplace needs, and our investment in
innovation.”
About Liquidity Services, Inc.
Liquidity Services, Inc. (NASDAQ: LQDT) provides leading corporations,
public sector agencies, and buying customers the world’s most
transparent, innovative, and effective online marketplaces and
integrated services for surplus assets. On behalf of its clients,
Liquidity Services has completed the sale of over $5.0 billion of
surplus assets in over 500 product categories, including consumer goods,
capital assets, and industrial equipment. The Company is headquartered
in Washington, D.C. with global locations across the Americas, Europe,
and Asia. Additional information can be found at: http://www.liquidityservices.com.
Source: Liquidity Services, Inc.
Liquidity Services, Inc.
Investor Relations Contact:
Julie
Davis
Senior Director, Investor Relations
202.558.6234
[email protected]
or
Media
Contact:
Sultana Ali
Director, Public Relations
202.467.5723
[email protected]
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